News & Analysis as of

California Financial Institutions Financial Regulatory Reform

Orrick, Herrington & Sutcliffe LLP

California Senate advances bill to expand DFPI authority

On April 2, the California Senate Banking and Financial Institutions Committee voted to move forward with legislation that would expand the DFPI’s powers to oversee businesses traditionally governed by the CFPB. The bill, SB...more

Allen Matkins

New Leader At The California Department Of Financial Protection & Innovation

Allen Matkins on

Last month, Governor Gavin Newsom appointed Khalil “KC” Mohseni, as Commissioner of the California Department of Financial Protection and Innovation.  Commissioner Mohseni is not an entirely new to the DFPI.  He served as...more

Orrick, Herrington & Sutcliffe LLP

California’s Governor Newsom appoints Mohseni as DFPI Commissioner

Recently, California Governor Gavin Newsom appointed Khalil “KC” Mohseni as the Commissioner of the California DFPI, following his role as Chief Deputy Director since 2023. Mohseni’s previous positions included Chief...more

Snell & Wilmer

Financial Institutions Heads Up: CA Legislation Pending and Potential Increasing Scrutiny

Snell & Wilmer on

In a week where the Office of the Comptroller of the Currency (OCC) has a new Acting Director, Rodney Hood, who will focus on a “balanced framework – one that fosters innovation, expands financial inclusion, and ensures all...more

Paul Hastings LLP

State Stablecoin Legislation

Paul Hastings LLP on

Stablecoins, which are digital assets pegged to fiat currency or other assets, play a crucial role in crypto markets, offering price stability and facilitating transactions. Despite their growing significance, there is no...more

Ballard Spahr LLP

California’s DFPI seeks comments on additional products and services to be registered under the CCFPL

Ballard Spahr LLP on

In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and...more

Shipkevich PLLC

California DFPI Seeks Greater Oversight Over Additional Consumer Financial Services: Seeks Comments on Who Should Be Regulated...

Shipkevich PLLC on

The ink is barely dry on the California Department of Financial Protection and Innovation’s (“DFPI” or the “Department”) newly approved regulation package PRO 01-21, and DFPI has already begun to take steps to implement...more

Troutman Pepper Locke

California DFPI’s Earned Wage Access Regulations Approved by OAL

Troutman Pepper Locke on

On October 11, the Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) proposed regulations on direct-to-consumer (i.e., non-employer offered) earned wage...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: California Consumer Finance Law - Hot Topics and Recent Developments

Ballard Spahr LLP on

California frequently is in the vanguard of consumer financial issues and legislation, foreshadowing trends that may spread to other states. Today’s episode, during which we explore important hot topics and recent...more

Ballard Spahr LLP

California’s DFPI Releases Third Annual Report on Activity Under the CCFPL

Ballard Spahr LLP on

On April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual...more

Allen Matkins

Why Is The DFPI Requesting Funding To Implement Venture Capital Funding Reporting Mandate?

Allen Matkins on

Last year, the California legislature enacted a bill, SB 54 (Skinner), that requires a "a venture capital" company to report annually to the Civil Rights Department on its funding determinations related to companies primarily...more

Troutman Pepper Locke

California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law

Troutman Pepper Locke on

As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include...more

Allen Matkins

DFPI Issues 2023 CCFPL Report

Allen Matkins on

Last week the California Department of Financial Protection & Innovation issued a report of its activities under the California Consumer Financial Protection Law.   The California legislature enacted the CCFPL in 2020 for the...more

Troutman Pepper Locke

Opportunity Financial Scores Big Win in CA DFPI’s “True Lender” Lawsuit

Troutman Pepper Locke on

A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi)...more

Hinshaw & Culbertson - Consumer Crossroads

California DFPI Announces Extension to Proposed Comment Period for Covered Person Registration Rulemaking

The California Department of Financial Protection and Innovation (DFPI) announced an extension to the proposed comment period for Covered Person Registration Rulemaking. The comment period, initially set to end on April 12,...more

Allen Matkins

California's Commercial Loan Disclosure Requirements May Be Unconstitutional And/Or Preempted

Allen Matkins on

I have devoted several posts to a California commercial loan disclosure law that was enacted in 2018 - SB 1235 (Glazer).  Although the bill became effective on January 1, 2019, lenders were not obligated to comply until the...more

Allen Matkins

What Is The List Of Central Locations For Service Of Process?

Allen Matkins on

The Department of Financial Protection & Innovation's website includes a link to an Excel spreadsheet listing the designation of of location(s) for service of legal process on financial institutions.  This listing is the...more

Allen Matkins

DFPI Says No MTA License Required To Issue Tokenized U.S. Dollars

Allen Matkins on

Earlier this month, the California Department of Financial Protection & Innovation issued a quasi interpretive opinion regarding whether the unnamed requestor must be licensed under California's Money Transmission Act to...more

Allen Matkins

DFPI Reports $214.2 Billion In Commercial Loan Originations In 2021

Allen Matkins on

The California Department of Financial Protection & Innovation recently issued is 2021 Annual Report of Operation of Finance Lenders, Brokers, and PACE Administrators Licensed Under the California Financing Law.  The DFPI...more

Allen Matkins

Registered In-House Counsel Is Not An Option For The Government

Allen Matkins on

Last month, Governor Gavin Newsom announced the appointment of a general counsel for the Department of Financial Protection & Innovation.  The appointee, a graduate of Georgetown University Law Center, had previously served...more

Allen Matkins

DFPI Proposes Rules For Commercial Financial Products And Services

Allen Matkins on

In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq.  The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive...more

Allen Matkins

OAL May Soon Decide Fate Of California's Proposed Commercial Financing Rules

Allen Matkins on

In September 2018, then Governor Jerry Brown signed SB 1235 into law.  SB 1235 added a new division to the Financial Code imposing specific loan disclosure requirements on providers of commercial financings.  These...more

Jenner & Block

California’s Consumer Finance Regulator and Fintech: A Look at the DFPI’s First Year

Jenner & Block on

The regulation and enforcement of financial technology (Fintech) remains in sharp focus for California’s consumer finance regulator, the Department of Financial Protection and Innovation (DFPI), as it moves into its second...more

Allen Matkins

DFPI Sees Few Problems With NMLS Transition, Do My Own Eyes Deceive Me?

Allen Matkins on

March 15 was the deadline established by California's Department of Financial Protection & Innovation for licensees under the California Financing Law to transition to the Nationwide Multistate Licensing System.  I recently...more

Allen Matkins

DFPI Grants Year-End Reprieve To CFL Licensees

Allen Matkins on

Last August, I alerted readers of this blog to the Department of Financial Protection & Innovation's determination to require all existing licensees under the California Financing Law to transition to the Nationwide...more

25 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide